Iranian supply shock resets crude ceiling, rates compound the damage for growth.
A policy-driven oil supply addition and a parallel yield rise arrived together, rewarding quality cash-flow compounders and punishing levered energy balance sheets and long-duration growth in the same session.
Treasury's 60-day authorization of Iranian oil sales broke crude below $74 per barrel, resetting the energy sector's commodity ceiling and triggering the session's sharpest sector rotation, with Energy briefly leading despite a punishing five-session loss of 5.34%.
Since the last briefing
Thursday's position called Energy's balance sheet risk a Q2 filing event worth monitoring before adding, and flagged AI-infrastructure hardware as a confirmed multi-week durable expression.
What drove the session and how it transmitted, the exposure table by persistence grade, where the committee disagreed, its verdict and weighting, and the falsifiers that would prove it wrong.